Jayesh Sahasi Sells 6,700 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 6,700 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $5.60, for a total value of $37,520.00. Following the completion of the sale, the insider now owns 763,503 shares of the company’s stock, valued at $4,275,616.80. The trade was a 0.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Jayesh Sahasi also recently made the following trade(s):

• On Thursday, June 5th, Jayesh Sahasi sold 2,242 shares of ON24 stock. The stock was sold at an average price of $5.49, for a total transaction of $12,308.58.
• On Wednesday, June 4th, Jayesh Sahasi sold 4,298 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total transaction of $23,810.92.
• On Monday, June 2nd, Jayesh Sahasi sold 3,710 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total transaction of $20,924.40.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The stock was sold at an average price of $5.41, for a total transaction of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The stock was sold at an average price of $5.48, for a total transaction of $194,890.72.

ON24 Trading Up 0.1%

NYSE ONTF opened at $5.54 on Friday. The firm has a market cap of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66. The company has a 50 day moving average of $5.02 and a 200-day moving average of $5.89. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.04.

ON24 announced that its Board of Directors has authorized a share repurchase plan on Monday, May 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 22.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently modified their holdings of ONTF. Lynrock Lake LP boosted its stake in ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock valued at $39,829,000 after acquiring an additional 329,715 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in ON24 by 43.5% in the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company’s stock valued at $5,307,000 after acquiring an additional 249,045 shares during the last quarter. Acadian Asset Management LLC boosted its stake in ON24 by 18.0% in the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company’s stock valued at $4,319,000 after acquiring an additional 127,010 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake in ON24 by 50.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company’s stock valued at $2,351,000 after acquiring an additional 122,700 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in ON24 in the fourth quarter valued at approximately $777,000. Institutional investors and hedge funds own 83.93% of the company’s stock.

Analyst Upgrades and Downgrades

ONTF has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. Canaccord Genuity Group decreased their price target on shares of ON24 from $9.00 to $5.00 and set a “hold” rating for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Robert W. Baird decreased their price target on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Finally, William Blair restated a “market perform” rating on shares of ON24 in a report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.33.

ON24 Company Profile

ON24, Inc provides a cloud-based intelligent engagement platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Elite, for live and interactive webinar experience; ON24 Breakouts, for live breakout room experience that facilitates networking, collaboration, and interactivity between users; ON24 Forums, for live and interactive experience, which facilitates video-to-video interaction between presenters and audiences; ON24 Go Live, for live and interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; and ON24 Virtual Confrence, for live and large scale managed virtual event experience.